The Cabinet agreed during its weekly meeting Wednesday, on the draft presidential decree regarding the draft investment law, according to a Cabinet statement.
The statement added that the draft law includes a bundle of legislative amendments to stimulate investment in Egypt.
“During the preparation of the law, there were communications with the civil society, the federation of industries, investors, law professors, and legal advisors,” said Prime Minister Ibrahim Mehleb.
The Prime Minister stressed that the draft law was referred to President Abdel Fattah Al-Sisi in preparation for its approval before the Economic Summit.
The government seeks the issuance of a new law organising investment, in time for the Economic Summit in Sharm El-Sheikh later on this month. It is seen as a means to gain back foreign investments which fell due to the unrest that prevailed in the country during the past four years.
Wednesday’s decision sees agreement on the draft presidential decree amending some provisions of the corporations’ law on limited partnership companies and limited liability companies, Law 159/1981. Amendments were also made on the General Sales Tax law issued as Law 11/1991, and the law on Investment Guarantees and Incentives issued by Law 8/1997, and the law of income tax issued as Law 91/2005.
Minister of Investment Ashraf Salman, said the latest bundle is designed to provide an attractive environment for investment. The latest law took into consideration the development of comparative legislation in neighbouring countries, and all governmental, international and law firm observations.